% 0.27
BTC Dominance:
% 0.13
Market Cap:
$2.34 T
% 0.00
Fear & Greed:
53 / 100
$ 64.062
BTC Dominance:
% 54.1
Market Cap:
$2.34 T

Binance Breaks a Record on March

Binance Guides

In March, Binance experienced a surge in spot trading volumes, reaching a yearly high of $1.12 trillion, driven by the upward momentum of Bitcoin and Ethereum. This marks the highest level since May 2021 and reflects seven consecutive months of growth, according to a report from CCData.

The report indicates a 121% increase in Binance’s spot trading volume, accompanied by a 1.04% rise in its combined market share, reaching 44.1% in March.

Notably, Binance has shown resilience following its settlement with the United States Department of Justice and the payment of a $4.3 billion fine. Derivatives trading volumes on the platform surged by 89.7% to $2.91 trillion, also reaching their highest levels since May 2021.

CCData analysts observed Binance’s significant gains in spot markets, with a 2.3% increase in market dominance compared to February. Year-to-date, Binance now accounts for 38.0% of spot trading volumes on centralized exchanges (CEXs).

Despite regulatory challenges, Binance reported a substantial increase in user numbers in 2023, attributing the growth to its core services. This growth trajectory aligns with analytics firm Kaiko’s earlier report of a 50% increase in Binance’s market share within two months post-settlement with the U.S. DOJ.

The overall spot and derivatives trading volume on CEXs surged to a new all-time high of $9.12 trillion in March, a 92.9% increase. This trend coincided with Bitcoin reaching new all-time highs, prompting traders to flock to the markets.

Crypto derivatives CEXs also experienced a significant uptick, with trading volume rising by 86.5% to $6.18 trillion, triple the total market capitalization of all cryptocurrencies.

The surge in trading activity aligns with growing excitement surrounding spot Bitcoin ETFs’ success and the anticipated BTC supply halving in April.

READ:  QCP Capital: Bitcoin Poised for Major Breakout

Despite recent setbacks, centralized exchanges like Binance continue to enjoy trust from the public, as evidenced by the sustained trading volumes and market participation.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

Rate this post

Leave a Reply

Your email address will not be published. Required fields are marked *